All Forum Posts by: Derek Guyer

SPB,

Welcome to the site. We're glad you joined us and look forward to hearing your success story soon.

It's not easy and every step requires wisdom, humility, and some dang good ideas. 2-3 could be nothing with the right properties and the right strategies.

Good luck!

You can buy property, 1-4 units, just about anywhere in the Midwest for around $80k. Sometimes more and sometimes less, but that is dependent upon the city and the area.

Great question. I agree with biggerpo and would add that it's essential to have a good team.

Where I work in Indy, we find plenty of great deals, but they mean nothing without our contractors, management companies, inspectors, appraisars, and mortgage brokers. Make sure that any team you are putting together has each of these, because they will be the lifeblood of your investing wherever you decide to put your money.

If you're seriously interested in trying things out of town and would like to talk about Indy or just get some help in any way, fell free to email or call. I'd be happy to help throw some ideas your way. Land Chasers helps investors to do the very thing you're asking about and it may be educational, if nothing else.

Derek
[email protected]
317-753-7158

Great response, All Cash. I was thinking the same things. Don't get in over your head, Chip. It sounds like this one might be pretty tight.

Tyril,

Find someone, whether at your local REI club or wherever, that you can see is doing good work and making good money and make it worth their time to teach you and let you come along when they're working.

Volunteer to help paint rooms in a property or run errands or do anything else they want. In exchange, buy them coffee and ask as many questions as you can.

By volunteering, you won't be working for money and you'll actually get the chance to learn and by sitting with them, you'll tap a large source of knowledge.

As for reading through books, there are tons of scams. One person on here will tell you that so and so changed their life and they're making great money and someone else could easily follow up and say how bad that person screwed them. It's up to each of us to look for ourselves at those resources and decide what makes sense to us. Take what you can and piece together as much knowledge as you can. Welcome to the information age!

If you want someone to read, I would personally suggest Peter Conti and David Finkel. I like their stuff and have learned a great deal from it.

Good luck!

We don't have much information, but I'll give it a shot to try and get some more information out.

1. How do you know what the market value is?
2. Is the market soft?
3. Could you rent-to-own it?
4. What kind of feedback did you get when you were first showing it?
5. Have you thought about putting together a comp sheet to help show the value?

Give us some more information and maybe someone can help from one of their past experiences.

Wow, and I thought Indianapolis was amazing with over 1,000 new foreclosures each month.

Welcome to the site!

I second that. Thanks for sharing that, Wesley.

There is most definitely a wealth of information on here and somtimes if the answer doesn't come clear the first time you ask, you need to go back in and ask it a different way.

Thanks, again for sharing that.

Danny,

First of all, Welcome!

Second, that's something you need to take to a good real estate attorney. Everyone has a different opinion on this subject, but their opinion makes little to no difference. Go talk to someone with the expertise. The money you will spend will be well spent and save you a ton when problems arise later and you're covered because you set everything up correctly from the beginning.

Third, good luck!

Derek

Wendy,

Great idea and congrats on turning it into profit for yourself. That's awesome!

I second and third the idea to speak with a good real estate attorney. There may be a way around that other than spending the time going through the process of getting your license.

Good luck!

Derek